The Minimum Viable Product (MVP) Approach

The MVP is a product with enough features for garnering validated learning about the product and its continuous development. The MVP is the most basic version of the product you want to launch in the market. These products are then tested with customers, the results of which are measured to yield data. This data is then mined so the entrepreneur may learn and develop new ideas which in turn will feed the cycle over and over again. The goal of the startup entrepreneur is to speed up the process of the feedback loop (Build-Measure-Learn), he/she needs to build and measure faster so they may learn faster. In exposing test products to the market, you want to gauge the response from the buyer’s perspective. By applying this method, you can make your product much better before its final launch.  You will get to know about its strengths or weaknesses, so that you can improve it according to their desires before the launch of the final product.